Alliance Oil IFRS net profits up 64% at $56 mln for Q2
MOSCOW. Aug 19 (Interfax) - Net profits at Alliance Oil Company for the second quarter came to $56 million calculated to International Financial Reporting Standards (IFRS), UP 64% year-on-year, a company statement says.
Analysts from eleven investment companies and banks surveyed by Interfax had expected the company's net profits to weigh in at $67.1 million.
Company sales revenues were up 48% at $784.2 million, roughly in line with the predicted 781.2 million. EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 39% year-on-year to $124.1 million (predicted - $134.8 million).
First-half net profits were up 83% at $146.1 million, sales revenues 42% at $1.463 billion, and EBITDA 45% at $280.4 million.
Alliance Oil extracted about as much hydrocarbons in the second quarter of this year as it did in Q2 2010 - 3.8 million barrels, but refining was up 15% year-on-year at 6.9 million barrels.
Alliance Oil Co. came into begin in 2008 with the merger of Alliance and West Siberian Resources. The company's main shareholders are the Alliance group with 53.7%, SIX SIS AG with 5.1%, and Repsol (Spain) with 3.4%.